Winter is here and real estate owners, agents, and experts are ready to see the market reaction to the typical winter slow down. According to the experts, not this year. As Lawrence Yun, Chief Economist for the National Association of Realtors, notes:
“It will be one of the best winter sales years ever.”
Typically the real estate market in Surprise AZ changes and multi generational homes, with no age restrictions market slows a bit, and picks up similar to most markets, when the kids are out of school, spring time.
Then the snowbirds come in and keep the real estate market going in the 55+ active retirement section of Surprise. This year according to the experts you will not see much of a slowdown in the Multi Generational market this winter.
“If you’re looking to buy a home…expect mortgage rates to remain low into 2021. However, the possibility of rates falling to 2.5 percent or lower has faded as the U.S. economy has rebounded.”
The market according to these experts will remain strong as long as the rates remain low. Yun confirmed:
“The demand for home buying remains super strong…And we're still likely to end the year with more homes sold overall in 2020 than in 2019…With persistent low mortgage rates and some degree of a continuing jobs recovery, more contract signings are expected in the near future.”
Home sellers are on the fence right now, waiting. They don’t want to be caught selling their home and stuck renting, or living with a family member/friend. Some economists say it is best for sellers to capitalize on the current market sooner rather than later. Danielle Hale, Chief Economist for realtor.com, says:
“We currently see buyers sticking around in the housing market much later than we usually do this fall. If that trend continues, we will see more buyers in the market this winter, too. So, this winter is likely to be a good time to sell.”
One really good thing about selling your home this winter, is the market has gone through coved 19, continued through, summer, fall and now has hit winter. This gives you a chance to sell your home when the weather is not over 100 degrees. July moves in Arizona are brutal at best.
Each month ARMLS in Arizona puts out statistics on sales data and According to ARMLS:
“When the October sales are reported this year, they will most likely establish a new sales volume record for October. “
Another important note from ARMLS about the end of the year real estate sales in Arizona:
“This year however, that historical pattern was interrupted. Our high-water mark for pending contracts this year occurred during the last week of September, ensuring a strong finish to 2020.”
Real estate experts are all looking at a big finish to 2020, if your future is to move up, or move down, or to buy or sell in Arizona, and need more information about how long it will take to buy, or how long it will take to sell. Contact us any time to answer any questions.